Shuckers Waterfront Grill and Adjacent Hotel Sold UPDATED

Shuckers has been sold.
Shuckers has been sold.
Photo by Shuckers via Facebook

Update: Although the Daily Business Review reported the purchase price of the sale was $32 million, Richard Spado of Keyes Co. says that figure isn't accurate. According to Spado, "The purchase price quoted in the Daily Business Review was incorrect. Due to the complicated structure of hotel and restaurant transactions, costs are allocated in various categories and I am not certain of the actual dollar value allocated to the real estate."

Shuckers Waterfront Grill, along with the hotel it calls home, has been sold.

Montreal-based North Bay Village Holdings LLC purchased both the Best Western on the Bay Inn & Marina and the restaurant, according to the Daily Business Review.

The 87,766-square-foot property, purchased from Inn on North Bay Ltd., features a 120-room hotel, marina, 310 feet of direct waterfront, and Shuckers, which seemed to be the main draw of the deal. A hotel representative confirmed the sale over the phone last evening.

If you're worried that your favorite place to grab chicken wings alfresco will shutter or, worse, turn into some global small-plates concept, take a chill pill.

Richard Spado of Keyes Co., who brokered the deal for both parties, says the new owners are determined to keep Shuckers and the hotel afloat — with a few minor changes. "People will be happy to know they're not going to knock it down. They're going to keep Shuckers there. They do plan on doing some improvements to the property, but the feeling is that it's successful and it's been successful for a long time, so why mess with it?"

Spado says the key to the whole deal was the little waterfront bar and restaurant that could. "If it was just the hotel, I couldn't get that kind of price for it. A Best Western with 120 rooms will not generate that kind of revenue." The fact that the restaurant is directly on the water made it attractive to the buyers. "Restaurants, no matter how good they are, are risky. But this one, I think, due to the location, is a pretty solid deal, and the buyers feel it's a solid investment."

The realtor, who specializes in hotel properties, lives in Miami and knows Shuckers very well. "We don't have many places where you can just sit on the water. Plus, it's very accessible. You just drive up and park your car and have one of the best views in South Florida."

In June 2013, the waterfront restaurant made headlines when its deck collapsed while people were dining and watching a Miami Heat game. The scene turned chaotic when 100 people were sent tumbling into the water, followed by restaurant workers and patrons who jumped into the bay to rescue the frightened patrons. First responders were on the scene in minutes, and, in total, more than two dozen people were injured in the incident; 15 of them transported to local hospitals for treatment.It closed for more than a year while repairs were made.

In July 2014, Shuckers reopened with a face-lift and a state-of-the-art deck constructed of steel and heavy concrete beams reinforced with metal rods. (The old deck was made of wood.) When the restaurant reopened, much of the staff returned, along with the menu that features some of Miami's most beloved chicken wings and freshly shucked oysters.

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Shuckers Bar & Grill

1819 79th St. Causeway
Miami Beach, FL 33141

305-866-1570

www.shuckersbarandgrill.com


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